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2019 (1) TMI 654 - HC - Income TaxBenefit of exemption u/s 54B denied - Held that:- There were conspicuous gaps and loopholes in the case set-up by the appellant-assessee, which has been disbelieved by the Tribunal after in depth appraisal of conspectus of facts and material. Inspector’s report had not only reflected on the land in 2011, but on the spot inquiries to ascertain whether the land was being used for agricultural purposes prior to sale of land in December, 2008. Pertinently, the assessee had purchased the said land on 11th November, 2006 for a substantial amount of ₹ 58.90 lakhs. The land is located in Ghaziabad district, which is approximate and adjoins Delhi and falls within the National Capital Territory of Delhi. It was sold after 3 years in December, 2008 to a builder and real-estate developer for ₹ 6.51 crores. Relevant evidence and material have been considered, evaluated and appreciated by the Tribunal, which has given reasonable and cogent reasons for the findings on facts. This is not the case where the Tribunal’s order is perverse in the sense that no reasonable person would, in the relevant field, have not have arrived at the final finding and conclusion as drawn and under challenge. The test and parameter whether an order or judgment is perverse are rather strict. Even if we were to form a different opinion on evidence, we would not categorize the impugned order as a perverse order. The appeal has no merit and is accordingly dismissed.
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